AA is down 10% at $28.34, after the company posted a third-quarter earnings miss -- just ahead of its planned split, slated for Tuesday, Nov. 1. AA, which underwent a 1:3 reverse stock split last Thursday, is down 5.2% year-over-year, and has consistently run into resistance in the $32-$34.50 range throughout 2016. Option traders had been initiating long calls relative to puts at a faster-than-usual clip ahead of earnings. AA's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 2.98 ranks in the top 10% of its annual range, suggesting option players have likely been betting on a positive post-earnings reaction for Alcoa Inc.

Wall Street rookie TWLO is trading 0.7% higher, at $52.40, after the firm issued third-quarter guidance that came in above expectations. Since going public in late June, TWLO has been flying high, more than doubling in value from its June 23 open at $23.99. Analysts remain largely tepid on the stock, with five of six rating Twilio Inc a "hold," without a single "sell" in sight. A round of upgrades could serve as tailwinds for the cloud stock.